Under SEC Rule 206(4)7, investment advisers that are registered with the SEC are prohibited from providing investment advice unless the adviser has adopted and implemented written policies and procedures reasonably designed to comply with the Advisers Act. The rule requires advisers to consider their fiduciary and regulatory obligations under the Advisers Act and to formalize policies and procedures to address them. What are the basic issues that the SEC identifies as important for advisers to consider when creating compliance policies based on Rule 206(4)7?

references:

SEC Final Rule 2. SEC Report on Investigation Pursuant to Section 21(a)